Abstract: A depth metering float for use with a fishing line, the float having upper and lower outer shell sections rotatable relative to one another and a carriage assembly located within the shell and adapted for rotation about a central axis relative to the shell. The fishing line is passed through the interior of the float and a brake mechanism associated with the carriage assembly serves to selectively clinch the fishing line to stop passage thereof through the float when a desired depth is reached. Located within the carriage assembly is a buoyant drum that rotates about a drum axis perpendicular to the central axis. The fishing line engages the drum so that the drum turns as the fishing line descends. A gear train connects the drum to the carriage and rotary movement of the carriage relative to the shell assembly ultimately actuates the brake mechanism to clinch the fishing line after a predetermined amount of drum rotation.